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Student Loans

Student loans are a valuable tool in financing a college education, especially for those students whose savings, grants, and scholarship offers still fall short of that which is needed to pay for school.

Most college students borrow money in some form or another, or take out student loans from a number of sources.

Unlike free types of financial aid like grants or scholarships, student loans have to be repaid at some point after graduation. Not only does the total amount borrowed need to be repaid, but it also must be repaid with interest. Most college graduates spend ten years or more returned their student loans.

Recent News about Financial Aid and Scholarships:

Federal student loans are the largest and most popular source of college student loans. Private financial institutions such as Sallie Mae can provide federal student loans, along with other government institutions like Stafford and Perkins

Federal student loans often have more favorable terms than private loans, with lower interest rates and less borrowing restrictions. Accordingly, it is a good idea for students to get all the federal loans possible before looking into private loans.

Private student loans can be an important supplement to federal loan programs. Students can often get private loans from their particular college or university, or from private financial institutions. Depending on each lender, the terms of private student loans can vary considerably based on credit history and the borrowing amount.